EX-20 3 0003.txt DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) CONSOLIDATED BALANCE SHEETS(UNAUDITED) MARCH 31, 2000 AND DECEMBER 31, 1999
March 31, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 517,378 $ 503,249 PROPERTY, NET 5,553,233 5,700,171 OTHER ASSETS 71,172 61,924 TOTAL $6,141,783 $6,265,344 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 749,313 $ 751,736 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 213,833 222,444 PARTNERS' EQUITY (DEFICIT): General Partners (85,654) (84,529) Limited Partners 5,264,291 5,375,693 Total partners' equity 5,178,637 5,291,164 TOTAL $6,141,783 $6,265,344 See accompanying notes to consolidated financial statements(unaudited). CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 March 31, March 31, 2000 1999 REVENUES: Rental Income $ 700,729 $ 705,837 Interest 1,785 2,506 Total revenues 702,514 708,343 EXPENSES: Operating 397,175 418,452 General and administrative 75,647 72,352 Total expenses 472,822 490,804 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 229,692 217,539 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (32,189) (25,649) NET INCOME $ 197,503 $ 191,890 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 195,528 $ 189,971 General partners 1,975 1,919 TOTAL $ 197,503 $ 191,890 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.37 $ 6.19 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008 NET INCOME 1,919 189,971 191,890 DISTRIBUTIONS (3,100) (306,930) (310,030) BALANCE AT MARCH 31, 1999 ($79,282) $5,895,150 $5,815,868 BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164 NET INCOME 1,975 195,528 197,503 DISTRIBUTIONS (3,100) (306,930) (310,030) BALANCE AT MARCH 31, 2000 ($85,654) $5,264,291 $5,178,637 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 197,503 $ 191,890 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 146,938 146,937 Minority interest in income real estate joint venture 32,189 25,649 Changes in assets and liabilities: Increase in other assets (9,248) (3,541) (Decrease)increase in liabilities (2,423) 8,849 Net cash provided by operating activities 364,959 369,784 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (310,030) (310,030) Distributions paid to minority interest in real estate joint venture (40,800) (32,400) Net cash used in financing activities (350,830) (342,430) NET INCREASE IN CASH AND CASH EQUIVALENTS 14,129 27,354 CASH AND CASH EQUIVALENTS: At beginning of period 503,249 633,690 At end of period $ 517,378 $ 661,044 See accompanying notes to consolidated financial statements(unaudited).
DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL DSI Realty Income Fund IX (the "Partnership"), a limited partnership, has three general partners (DSI Properties, Inc., Robert J. Conway and Joseph W. Conway) and limited partners owning 30,693 limited partnership units. The accompanying consolidated financial information as of March 31, 2000 and for the periods ended March 31, 2000, and 1999 is unaudited. Such financial information includes all adjustments which are considered necessary by the Partnership's management for a fair presentation of the results for the periods indicated. 2. PROPERTY The Partnership owns five mini-storage facilities located in Monterey Park and Azusa, California; Everett, Washington; and Romeoville and Elgin, Illinois. The Partnership also owns a 70% interest in a mini-storage facility in Aurora, Colorado. As of March 31, 2000, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 11,018,658 Total 13,748,448 Less: Accumulated Depreciation ( 8,195,215) Property - Net $ 5,553,233
3. NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is calculated by dividing the net income allocated to the limited partners by the number of limited partnership units outstanding during the period.